DAKPAY APP

Subject: Current Events

Context: India Post Payments Bank (IPPB) along with Department of Posts (DoP) launched digital payment application ‘DakPay’ to facilitate easy digital transactions and other banking services.

Concept:

• DakPay is a suite of digital financial and assisted banking services provided by India Post and India Post Payments Bank (IPPB) through the trusted Postal (‘Dak’) network across the nation to cater to the financial needs (‘Pay’) of various sections of the society.
• DakPay UPI app allows users to create UPI ID and link multiple accounts across banks in a single mobile app. The app facilitates instant money transfers, QR based payments in merchant stores and online shopping on e-commerce websites.
• The app was launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.